r00lish67
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Post by r00lish67 on Jan 16, 2020 9:44:02 GMT
Defaulted about 3.5 years ago, and still not resolved. In my opinion Ablrate is a good platform, but these loans must surely be an embarrassment. Thankfully Ablrate has said that investors will not lose out - but it would be nice to know when. I'm thankful for their efforts in all of this, but the legal process (from an outside view) seems to have gone from grindingly slow to just stopped. Until last Summer, we were tracing through a prolonged but visible legal process, but since then, I don't think I'm breaking any confidences to summarise recent events as: In July 2019 there was an interview, and some final enquiries to be made. In September 2019, there are further additional enquiries being made. In December 2019, we had a brief update to the effect that there is no update. Sitting here now in 2020, it's (to our knowledge) 5 months of the ball being in 'our' court. Are we nearly there yet?
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seb8072
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Post by seb8072 on Jan 16, 2020 14:27:30 GMT
Personally I have full confidence in Ablrate and do not attribute the slow progress to them. If they are not reporting any news it's probably because there's simply nothing new to report. It is well known that the wheels of the legal machine turn depressingly slow and if you try to take short cuts you're likely to end up with a spanner in the works. I have a number of defaults on other platforms which have been in in the legal process longer than this one and still no end in sight.
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r00lish67
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Post by r00lish67 on Jan 16, 2020 14:53:58 GMT
Personally I have full confidence in Ablrate and do not attribute the slow progress to them. If they are not reporting any news it's probably because there's simply nothing new to report. It is well known that the wheels of the legal machine turn depressingly slow and if you try to take short cuts you're likely to end up with a spanner in the works. I have a number of defaults on other platforms which have been in in the legal process longer than this one and still no end in sight. I agree in general and that's certainly been the case for the first 3 of the last 3.5 years, but is that the case for the last 6 months? As they've reported it, it sounds to me like we've been awaiting final enquiries since July (as opposed to waiting for court dates/due process/appeals etc as before).
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ptr120
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Post by ptr120 on Jan 21, 2020 11:53:49 GMT
ablrate please can you give the IP a prod regarding these loans?
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ptr120
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Post by ptr120 on Jan 27, 2020 21:40:54 GMT
Hi ablrate has the IP been given a prod? What did they have to say?
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Post by ablrate on Jan 29, 2020 14:05:19 GMT
Hi ablrate has the IP been given a prod? What did they have to say? The tell us that the letter before action has gone out. We await the response (or lack thereof) from the director. I haven't seen it but assume it gives a standard seven days to respond before action without further notice.
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r00lish67
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Post by r00lish67 on Jun 16, 2020 13:17:14 GMT
Hi ablrate , as it's now 4 months since the last update on the container saga (as far as I can see), please could we have an update?
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Post by gusgorilla on Jun 21, 2020 16:08:17 GMT
ablrate I agree, an update would be very welcome.
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blender
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Post by blender on Jun 21, 2020 18:37:11 GMT
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r00lish67
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Post by r00lish67 on Oct 26, 2020 9:16:13 GMT
ablrate are you able to provide some further detail as to what is transpiring with the recovery of this loan? In January, there was to be a case brought, but as of last month we appear to be back in the holding pattern of 'final enquiries'. COVID notwithstanding, these final enquiries that the IP are undertaking have been ongoing since at least September 2019. I know legal matters take time, but this even by legal standards is seriously dragging on. I am struggling to imagine what sort of enquiries can possibly take this long - ?
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Post by ablrate on Oct 26, 2020 17:36:03 GMT
ablrate are you able to provide some further detail as to what is transpiring with the recovery of this loan? In January, there was to be a case brought, but as of last month we appear to be back in the holding pattern of 'final enquiries'. COVID notwithstanding, these final enquiries that the IP are undertaking have been ongoing since at least September 2019. I know legal matters take time, but this even by legal standards is seriously dragging on. I am struggling to imagine what sort of enquiries can possibly take this long - ? Covid has caused a massive backlog, so what was looking encouraging at the beginning of the year for a final court date obviously got nuked. The IP has been advised by solicitors to now go ahead and issue a letter before action - we are essentially waiting for confirmation of that and will be doing an update,... but as you asked, that is where we are.
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ptr120
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Post by ptr120 on Nov 30, 2020 20:53:19 GMT
Hi ablrate more than a month on can we have confirmation that the letter before action referred to has in fact been issued? There doesn't seem to be much urgency on this loan which I find surprising.
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Post by ablrate on Dec 1, 2020 12:37:05 GMT
Hi ablrate more than a month on can we have confirmation that the letter before action referred to has in fact been issued? There doesn't seem to be much urgency on this loan which I find surprising. As you will be aware, we have no control over this. It is the insolvency practioners / solicitors, whose only hope of getting paid is to complete the case. After a number of years they have many man hours in it... so are as keen as anyone to complete... but as I have said we are not in control of who does what and when, but rest assured we contact them on a regular basis.
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ptr120
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Post by ptr120 on Dec 1, 2020 19:58:39 GMT
Hi ablrate more than a month on can we have confirmation that the letter before action referred to has in fact been issued? There doesn't seem to be much urgency on this loan which I find surprising. As you will be aware, we have no control over this. It is the insolvency practioners / solicitors, whose only hope of getting paid is to complete the case. After a number of years they have many man hours in it... so are as keen as anyone to complete... but as I have said we are not in control of who does what and when, but rest assured we contact them on a regular basis. Didn't you appoint them? Regardless, you are able to ask them if they have posted a letter and I am not, therefore an update on if the letter bes been sent doesn't seem too unreasonable.
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Post by ablrate on Dec 2, 2020 16:02:51 GMT
As you will be aware, we have no control over this. It is the insolvency practioners / solicitors, whose only hope of getting paid is to complete the case. After a number of years they have many man hours in it... so are as keen as anyone to complete... but as I have said we are not in control of who does what and when, but rest assured we contact them on a regular basis. Didn't you appoint them? Regardless, you are able to ask them if they have posted a letter and I am not, therefore an update on if the letter bes been sent doesn't seem too unreasonable. We did appoint them... but after that they are there to work on behalf of all creditors, and unfortunately not at our beck and call (which would be nice). We recently sent a pretty direct email asking for a detailed response to our queries.
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